DGAP-News: comdirect bank AG: very strong pre-tax profit of EUR76.2m for the first nine months of the year

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DGAP-News: comdirect bank AG / Key word(s): 9-month figures/Quarter
Results
comdirect bank AG: very strong pre-tax profit of EUR76.2m for the
first nine months of the year
22.10.2015 / 07:30
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comdirect: very strong pre-tax profit of EUR76.2m for the first nine months
of the year
- Record earnings: EUR283m in the first nine months
- Trading activity at peak level: 11 million B2C trades
- Dynamic growth in current and custody accounts
- High B2C net fund inflow of EUR2.8bn
- Profit target for the full-year 2015 increased to more than EUR85m
before tax
- First bank with an entirely digital account-opening and
account-switching process
Quickborn, 22 October 2015. The comdirect group realised a pre-tax profit
of EUR76.2m in the first nine months of 2015, which was a 17% increase on
the high level achieved in the previous year (EUR64.9m). "This is a very
strong result with top figures for earnings, trades and customer numbers -
and no sign of a summer low," says Arno Walter, CEO of comdirect bank AG.
"On this basis, we have increased our profit target to in excess of EUR85m
before tax."
The comdirect group generated total income of EUR282.9m in the first nine
months of the year. This represents growth of 8% on the previous year's
record figure (EUR261.4m). The reason for this further increase was the
number of trades with B2C customers, which were up 38% on the previous year
at 11 million transactions (previous year: 8.0 million). "Our customers
executed an unprecedented volume of trades. In the first nine months of the
year, we handled almost as many trades as in the entire previous year,
which was a particularly good trading year," says Walter. "As the market
leader for online brokerage with products and services for traders and
investors which have once again been enhanced, we benefited very strongly
from the volatile stock market environment." Net commission income thus
rose sharply, by 23% to EUR174.8m (previous year: EUR142.5m) and reached
the highest nine-month value in the bank's history. With market interest
rates which remain extremely low, net interest income after provisions for
possible loan losses was down 7% year-on-year at EUR101.8m (EUR109.2m). The
moderate (5%) increase in administrative expenses to EUR206.7m (previous
year: EUR196.4m) was mainly prompted by the bank's strong growth.
In the B2C business line (comdirect bank AG), total assets under custody
increased to EUR37.01bn in the first nine months of the year (end of 2014:
EUR34.75bn) - despite an exclusively price-related decrease in the third
quarter. This increase reflected particularly high net fund inflows
totalling EUR2.8bn. Since the start of the year, the number of customers
has increased by 64 thousand to 1.97 million. At the same time, the number
of custody accounts has risen by 47 thousand to 926 thousand while the
number of current accounts has increased by 78 thousand to 1.24 million.
Walter comments: "We are thus currently one of the strongest growing banks,
both for custody accounts and current accounts, in an otherwise stagnating
overall market. To maintain this position, we are continuing to re-envision
banking for our customers and making their lives a little easier." By way
of an example, he cites the bank's new "Sofort-Konto" account which
customers can open in just a few minutes, anytime and anywhere. Walter
adds: "comdirect is the first and only bank in Germany to have established
an entirely digital account-opening and account-switching process."
In the third quarter, comdirect introduced further new offerings through
its cooperation with FinTech companies: from smartPay, an app for the easy
payment of bills, and TopTrade, the social trading platform for
smartphones, to fintego managed Depot, the digital asset management system
from ebase. comdirect is also the first bank in Germany to promote
innovative financial ideas through a specifically established Start-Up
Garage. Start-ups can bring their ideas directly to comdirect, and will
then receive support in developing and testing them. Walter explains: "The
Start-up Garage is a workshop for developing ideas, which offers customers
real added value. At the same time, it helps us to promote the indigenous
FinTech sector. This fits well with comdirect, as just like FinTech
companies, comdirect's DNA is digital through and through."
In the B2B business line (ebase GmbH), the number of customers remained
virtually unchanged compared with the start of the year at 979.5 thousand
(year-end 2014: 982.9 thousand). The vital new customer business has
compensated well for the seasonally-determined cancellations of custody
accounts for capital-building payments (VL). Total assets under custody
amounted to EUR23.75bn, compared with EUR24.19bn at the end of the year.
The comdirect group's total number of customers increased to a record high
of 2.95 million at the end of the first nine months of the year and its
total assets under custody rose to EUR60.76bn (year-end: EUR58.94bn).
Overview
in EUR thousand Q3 14 Q4 14 Q1 15 Q2 15 Q3 15
Net interest income
after provisions 37,407 36,358 35,179 33,771 32,869
Net commission income 47,139 50,651 60,519 55,596 58,659
Other income 1,578 5,076 2,370 2,818 1,104
Administrative
expenses 64,908 74,408 73,973 66,079 66,650
Pre-tax profit 21,216 17,677 24,095 26,106 25,982
After-tax profit 15,448 18,473 17,606 19,160 18,727
in EUR thousand 9M 14 9M 15 9M 15 vs.
9M 14
Net interest income
after provisions 109,166 101,819 -6.7%
Net commission income 142,499 174,774 22.6%
Other income 9,723 6,292 -35.3%
Administrative
expenses 196,444 206,702 5.2%
Pre-tax profit 64,944 76,183 17.3%
After-tax profit 47,817 55,493 16.1%
Contacts for this press release
Annette Siragusano,
Tel. +49 (0) 4106/704-1960, Email: annette.siragusano@comdirect.de
Ullrike Hamer,
Tel. +49 (0) 4106/704-1545, Email: ullrike.hamer@comdirect.de
comdirect bank AG, Pascalkehre 15, D-25451 Quickborn
Information for editorial teams
All our press releases are available at www.comdirect.de/presse
Our corporate film is available here: http://youtu.be/H4O6oEaIDrs
If you no longer wish to be sent information, please let us know by writing
to presse@comdirect.de
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Language: English
Company: comdirect bank AG
Pascalkehre 15
25451 Quickborn
Germany
Phone: + 49 (0) 4106/704-0
Fax: + 49 (0) 4106/708-2580
E-mail: info@comdirect.de
Internet: www.comdirect.de
ISIN: DE0005428007
WKN: 542800
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover,
Munich, Stuttgart
End of News DGAP News Service
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